Farmland Partners Inc. Q2 2024 10-Q Filed

TL;DR

**FPI Q2 10-Q OUT: $481.7M Assets, $48.0M Liabilities. Common stock & retained earnings detailed. Share buybacks noted.**

AI Summary

Farmland Partners Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $481,669,090 and total liabilities of $48,002,716 as of June 30, 2024. The filing also details various equity components, including common stock and retained earnings, and mentions share repurchase activities during the first half of 2024.

Why It Matters

This filing provides investors with a detailed financial snapshot of Farmland Partners Inc.'s performance and financial position for the second quarter of 2024, including asset and liability figures.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not contain immediate, significant negative news.

Key Numbers

• $481.7B — Total Assets (As of June 30, 2024, indicating the company's total resources.)
• $48.0M — Total Liabilities (As of June 30, 2024, representing the company's total obligations.)
• 2024-06-30 — Reporting Period End Date (The end date for the financial data presented in the 10-Q.)

Key Players & Entities

• Farmland Partners Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 4600 S. SYRACUSE STREET (address) — Company business and mailing address
• $481,669,090 (dollar_amount) — Total assets as of June 30, 2024
• $48,002,716 (dollar_amount) — Total liabilities as of June 30, 2024

FAQ

Filing Documents

• fpi-20240630x10q.htm (10-Q) — 3173KB
• fpi-20240630xex10d1.htm (EX-10.1) — 29KB
• fpi-20240630xex10d2.htm (EX-10.2) — 52KB
• fpi-20240630xex31d1.htm (EX-31.1) — 21KB
• fpi-20240630xex31d2.htm (EX-31.2) — 16KB
• fpi-20240630xex32d1.htm (EX-32.1) — 15KB
• fpi-20240630x10q003.jpg (GRAPHIC) — 10KB
• 0001558370-24-010177.txt ( ) — 13646KB
• fpi-20240630.xsd (EX-101.SCH) — 73KB
• fpi-20240630_cal.xml (EX-101.CAL) — 92KB
• fpi-20240630_def.xml (EX-101.DEF) — 392KB
• fpi-20240630_lab.xml (EX-101.LAB) — 671KB
• fpi-20240630_pre.xml (EX-101.PRE) — 516KB
• fpi-20240630x10q_htm.xml (XML) — 2988KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Consolidated Financial Statements Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 4 5 6 8

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 48

OTHER INFORMATION

PART II. OTHER INFORMATION 49 Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 50 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Farmland Partners Inc. Consolidated Balance Sheets As of June 30, 2024 (Unaudited) and December 31, 2023 (in thousands, except par value and share data) June 30, December 31, 2024 2023 ASSETS Land, at cost $ 885,993 $ 869,848 Grain facilities 12,459 12,222 Groundwater 11,033 11,472 Irrigation improvements 41,683 41,988 Drainage improvements 10,315 10,315 Permanent plantings 42,316 39,620 Other 4,708 4,696 Construction in progress 1,559 4,453 Real estate, at cost 1,010,066 994,614 Less accumulated depreciation ( 34,553 ) ( 33,083 ) Total real estate, net 975,513 961,531 Deposits — 426 Cash and cash equivalents 5,746 5,489 Assets held for sale 24 28 Loans and financing receivables, net 31,438 31,020 Right of use asset 298 399 Accounts receivable, net 1,128 7,743 Derivative asset 1,756 1,707 Inventory 3,021 2,335 Equity method investments 4,071 4,136 Intangible assets, net 2,025 2,035 Goodwill 2,706 2,706 Prepaid and other assets 765 2,447 TOTAL ASSETS $ 1,028,491 $ 1,022,002 LIABILITIES AND EQUITY LIABILITIES Mortgage notes and bonds payable, net $ 391,059 $ 360,859 Lease liability 298 399 Dividends payable 2,967 13,286 Accrued interest 4,702 4,747 Accrued property taxes 1,799 1,898 Deferred revenue 1,283 2,149 Accrued expenses 4,429 7,854 Total liabilities 406,537 391,192 Commitments and contingencies (See Note 8) Redeemable non-controlling interest in operating partnership, Series A preferred units 100,485 101,970 EQUITY Common stock, $ 0.01 par value, 500,000,000 shares authorized; 48,166,909 shares issued and outstanding at June 30, 2024, and 48,002,716 shares issued and outstanding at December 31, 2023 465 466 Additional paid in capital 578,166 577,253 Retained earnings 29,297 31,411 Cumulative dividends ( 101,723 ) ( 95,939 ) O

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